Earn What You're Really Worth

Maximize Your Income at Any Time in Any Market

by Brian Tracy
Copyright © 2012 by Brian Tracy
Published by Vanguard Press, a member of the Perseus Group
255 pages

Focus Take-Aways
Leadership & Management • Your main financial asset is your “earning ability.”
Strategy
Sales & Marketing • You are earning today exactly what you’ve already decided you’re worth.
Finance
Human Resources • You can raise that figure by enhancing your value.
IT, Production & Logistics
Small Business
• Identify your main aptitudes, professional strengths and career preferences.
Economics & Politics
Industries
• Set goals to achieve excellence by building skills the market prizes and compensates.
Global Business
• Capitalize on the 80/20 rule that governs your job-related activities and compensation.
Career & Self-Development
Concepts & Trends
• Use the “four keys” of strategic marketing to maximize your earning potential:
“specialization, differentiation, segmentation” and “concentration.”

• Improve your time-management abilities to boost your productivity and value.

• To build problem-solving expertise, ask for increasingly harder problems to solve.

• Make positive impressions by improving your people skills.

Rating (10 is best)

Overall Applicability Innovation Style

7 8 5 6

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 Relevance
What You Will Learn
In this Abstract, you will learn:r1) Why 80% of the people in the workforce never reach
their full earning potential; 2) How to become part of the 20% that does; and 3) Which
methods, strategies and techniques to use to achieve financial success.

Recommendation
You know you’re worth more than you earn, but how do you get from where you are
now to the income of your dreams? Career coach, training specialist and perpetual best-
selling author Brian Tracy teaches commonsense methods to build yourself up so you can
increase your income. He identifies the stumbling blocks most people face and provides
a variety of activities that can help jump-start new ways of thinking. Though somewhat
repetitive – and lacking in hard-core financial information – Tracy’s book offers valuable
insights about realizing your full earning potential. getAbstract recommends putting his
strategies and techniques to work to impel the marketplace to appreciate your efforts and
pay you accordingly.

Abstract
 
 
  “You Have Chosen Your Current Income”
  What you earn today stems from your previous decisions. Through action or inaction,
 
“You are always
you’ve settled for the money you’re making and you alone control the amount. You
self-employed, have sole dominion over your main financial asset, your “earning ability” – that is, your
from...your first job
until the day you
capacity for getting “results that people will pay you for.” This asset will rise or fall in
retire.” value based on how employers regard your skills in the ever-changing marketplace. You
  can double and redouble your income by using the right methods and exercising some
 
  strategic thinking.
 
 
 
“The New Normal”
  Americans have grown complacent about success. The “shirtsleeves” generation that
 
 
struggled through the Great Depression and World War II gave rise to the “affluent”
  generation that enjoyed postwar economic success. Their children expected continued
  affluence, but the economic crisis of 2007-2010 changed the definition of “normal.”
 
 
  The new normal takes into account the “information explosion,” the “technological
  revolution” and “increased competition” globally. You must learn, master and play by new
 
 
rules to achieve financial success. Become more valuable to attract the support of people
“Your first job in who can help you. Get started, embrace the unknown, take risks, work harder and keep
your work is to
become valuable.
moving forward. American philosopher Elbert Hubbard wisely defined self-discipline as
Your second job “the ability to make yourself do what you should do, when you should do it, whether you
is to become feel like it or not.”
indispensable.”
 
  “Your Personal Service Corporation”
 
 
The top-performing 3% of all workers view themselves as self-employed. Adopting that
  attitude and taking responsibility for your success will put you on the fast track to career
 
 
fulfillment and financial growth. Like a successful company, you must define and clarify
  your values and the reputation you want. Write a personal mission statement that outlines
  your goals and how you will achieve them. Use the “Seven R’s of Personal Management”:
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   1. “Rethink” – Examine the big picture in light of changing circumstances.
 
  2. “Re-evaluate” – Be sure your career aligns with your values, skills and goals.
 
“The new normal is 3. “Reorganize” – Be more efficient and effective in your daily tasks.
that we will have to
run twice as fast just 4. “Restructure” – Concentrate on the 20% of work that produces 80% of your income.
to stay in the same
place, personally, 5. “Re-engineer” – Streamline your processes to get improved results at lower cost.
nationally and
internationally.”
6. “Reinvent” – If your job or industry vanished, what would you do next?
  7. “Refocus” – Successful people do fewer tasks but do them well.
 
 
  “Increasing Your Earning Potential”
 
 
Your knowledge and skills govern your earning ability, but so does your employer’s
  evaluation of your contribution to the bottom line. Become more valuable by continuously
  increasing your knowledge and skills as you make yourself indispensable. Develop
 
  abilities that migrate across evolving job requirements, previously unimagined industries
  and changes in global competition. Rate your skill level in five to seven of your job’s
 
“Begin to think in primary areas. Your performance in these “key result areas” basically control why your
terms of why you employer pays you.
are entitled to the
money rather than
in terms of why “Capitalize on Your Strengths”
not.” Thinking about your career strategically means focusing on skills and activities that
 
  produce the greatest return on the energy you expend and minimizing those that
  generate little profitability. Identify and promote your most marketable skills to achieve
 
  competitive advantage. Successful companies and individuals use the following four pivot
  points of strategic marketing to maximize earning potential:
 
  1. “Specialization” – Identify one or two areas in which you perform your best work.
 
  Does your specialty have a future? If so, become sufficiently expert to command high
  financial rewards.
 
“The more skilled 2. “Differentiation” – Single out one crucial area of profitable expertise that sets you
you become at apart in your business, market segment or industry.
getting the job you
want, the more 3. “Segmentation” – Identify market segments that pay the most for what you do best.
money you will Work in an area of your firm or industry that offers the highest rewards for your skills.
make and the more
choices you will 4. “Concentration” – Focus your energy on delivering exceptional performance to the
have.”
  companies and customers willing to pay you top dollar.
 
 
 
“Get the Right Job”
  More than 90% of US workers are now employed, and more than a million new businesses
  launch each year. With this activity and variety, you can move your career into the fast
 
  lane by controlling every aspect of it. Be specific about the type of work you want, the
  environment you want to work in and the compensation you want to earn. Remember that
 
  you are always self-employed and that all employers are your customers.
“It is important not
only to be good at The “Universal Hiring Rule” teaches that you can create any job you desire if you can
what you do, but
also to be perceived
exceed “the cost of hiring you” by generating more revenue or fewer expenses. As a self-
as being good at employed, self-directed company of one, take responsibility for finding your next job.
what you do.” Focus on the “Three C’s” of getting hired: your ever-expanding circle of “contacts,” the
 
  “credibility” of your reputation and character, and the increased “competence” you gain
  through lifelong learning. Whether using a résumé that tracks your work functions or one
 
  that offers a chronological job history, emphasize your ability to attain the same great
  results in your new job as you achieved in your previous one. Treat any interview as a
 
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   sales call, and demonstrate that you can “achieve, avoid or preserve” something important
 
  for the company. Know the salary range for the position you seek. Ask for 24 hours to
  consider job or salary offers. Get the highest possible starting salary and benefits.
“Think of yourself
as a people-builder
rather than a “The Future Belongs to the Competent”
people-basher.
Always look for
Your ability to achieve high earnings lies in your willingness to improve your skills,
ways to make people especially communication skills. Delivering your message in a way that inspires others to
feel more valuable, act on your recommendations gives you a competitive edge. Communications specialist
more respected and
more loved.” Albert Mehrabian says the three parts of your direct communications – “words, tone
  of voice and body language” – must be “congruent.” Effective communicators know
 
  how to listen, how to give their audience members time to absorb their message, how
  to ask questions that uncover needs and how to satisfy listener concerns. Improve your
 
 
communication skills with preparation and practice.
 
  “Double Your Productivity”
 
“One of your most Earning more depends on efficient use of your two most precious commodities: time and
valuable assets is energy. Strategies to improve your time management and personal productivity include:
your ability to think
and apply your • Take “seven steps to goal achievement” – Choose an objective, write it down and
mind toward getting
results.” set a deadline. List the steps involved, organize a plan and move forward daily.
 
 
• “Always think on paper” – Writing helps you think clearly; it sharpens your focus.
  • “Begin with a list” – Make a “master list” of all your long-term activities, plans and
 
  goals. Break it down into monthly, weekly and daily agendas.
 
 
• “Separate the urgent from the important” – Sort your activities as urgent and
  important, important but not urgent, urgent but not important, and neither urgent nor
  important. Then prioritize.
“If you are not
committed to • “Practice creative procrastination” – Follow the 80/20 rule and put off tasks that
being the best in
your field, you
fall into the 80% of less-meaningful activities.
are unconsciously • “Work at your energy peaks” – Exercise, eat nutritious food and get a good night’s
accepting
mediocrity. If you sleep. Do challenging tasks when your energy is highest.
are not getting
better, you are • “Practice ‘single-handling’ with key tasks” – If you start the day with your highest
probably getting priority, toughest task, and stay with it until it’s done, you’ll boost your productivity
worse.” by at least 50%. And, once you’ve done your “ugliest, hardest...but most important
 
  task,” the rest of your day will be a breeze by comparison.
 
  • “Organize your workspace” – Keep your desk clean; you can pile stuff on the floor.
 
  “Practical Project Management”
 
  The ability to manage a job with multiple components is critical. Good project
  management requires other people’s involvement and cooperation. Concentrate on what
“Solution-minded
people are the most you’re good at and delegate all other tasks to people who specialize in those tasks.
valuable people in
any organization. Good project management begins with writing down everything involved in a project,
Instead of asking
or worrying about
organizing the details into lists and sublists, and delegating as many tasks as possible to
who did what and the best people. Successful management of larger projects lets you take on increasingly
who is to blame, you greater responsibility, with commensurate compensation.
should ask, ‘What
do we do now?’”
  “Put People First”
 
  Develop strong interpersonal relationships. Every individual has three basic social needs:
  “inclusion, control and affection.” You can build healthy, long-term relationships by
 
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   meeting those three social needs and honoring the “Seven Essential Principles”: “trust,
 
  respect, communication, courtesy, caring, praise and appreciation,” and “helpfulness.”
  You’ll accrue financial reward in “exponential proportion” to the energy you invest in
“Your job is as
secure as your your relationships.
ability to render
value in excess of
what it costs to keep
“Powerful Problem Solving and Decision Making”
you on the payroll.” Sometimes, everything in your personal and professional life seems like an ongoing
  progression of one problem after another, punctuated by a crisis every few months. Attack
 
  small and large issues by following a seven-step process for solving any kind of problem:
  define it clearly; identify its causes; list all possible remedies; decide the best course of
 
  action; delegate responsibility for carrying out the decision; establish a schedule, deadline
  and performance standard; and implement the solution. Don’t be afraid to rely on your
 
 
intuition when making decisions. Start by writing the issue down and listing at least
  20 possible solutions. Comprehensive, viable solutions can energe suddenly from your
 
 
intuition – like a “blinding flash of the obvious” – and produce a rush of productivity
  and pleasure.
 
 
“You can have just “Get Paid More and Promoted Faster”
about anything Use the following specific strategies to fast-track your success, earn more money and
you want so long
as you are willing
promotions, and achieve a satisfying career:
to pay the price.
And nature always • Excel in high-growth rather than low-growth industries.
demands two things: • Join a firm with a reputation for excellence, originality, customer focus and leadership.
that you pay the
price in full and • Establish a good working relationship with your boss, or transfer to a new manager.
that you pay it in
advance.” • Dress for success by emulating the people in charge at your organization.
 
  • Have your boss prioritize your tasks, so you can focus on his or her greatest concerns.
 
  • Request more responsibilities every week, and deliver sooner than expected.
 
  • Ask your boss what you should do to get promoted and to earn more money. Then
  do it.
 
  • Act with integrity so others will respect and trust you.
 
  • Find a good mentor and heed his or her counsel.
 
 
• Pay attention to your objectives and outcomes as you generate new ideas, serve clients,
  develop yourself and build relationships.
 
“Keep repeating
over and over to “Perception Is Everything”
yourself...‘Do it You may have the best qualifications and the best track record among your co-workers,
now! Do it now! Do
it now!’”
but you won’t get promotions or more money unless public perception rates your talents
higher than anyone else’s. Let people see you as a team player and achiever. Gain visibility
by joining professional associations. Volunteer for charitable or community organizations.
Become known as friendly, helpful, capable and optimistic. If you have the right attitude
and make sure that others have the right attitude about you, you’ll achieve the success
you seek.

About the Author

Best-selling author Brian Tracy is chairman and CEO of the training and development
firm Brian Tracy International. His books include Eat That Frog! and No Excuses!
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